Minor Fluctuations in Fuel Rates as Crude Oil Prices Shift – Check Rates in Your City News24 –

Petrol-Diesel Prices Today: As of 21 November 2024, the prices of petrol and diesel seem to remain stagnant, but the price of crude oil has surged in the international market. This fluctuation has many reasons behind it, one of which is geopolitical tension. Amid the geopolitical tensions and crises happening around the world, petrol is the first to be affected by these fluctuations. The petrol prices rise or fall accordingly.

Despite fluctuations in global oil markets, Oil Marketing Companies (OMCs) consistently announce petrol and diesel prices every day. OMCs adjust fuel prices in tandem with global crude oil price movements and foreign exchange rate fluctuations, ensuring transparent and up-to-date information for consumers. On 21 November, 2024, petrol and diesel prices in Delhi were Rs 94.77 per litre and Rs 87.64 per litre, respectively, and the crude was trading in green at +0.31% at Rs 5,825.00 on MCX. In the international market is Brent crude at $ 73.13 per barrel, while WTI crude is trading at $ 69.15 per barrel.

Petrol-Diesel Prices In Different Cities Today 

Key Determinants Influencing Petrol And Diesel Prices in India

• Crude Oil: Crude oil serves as the fundamental raw material for petrol and diesel production. Its pricing has a direct impact on the final cost of these fuels.
• Indian Rupee and the US Dollar: India’s petrol and diesel prices are impacted by fluctuations in the Indian rupee-US dollar exchange rate. The exchange rate for the Indian rupee against the dollar is Rs 84.40 to 1 USD.
• Taxes: Petrol and diesel prices are subject to a dual tax structure, comprising central and state government levies. This varies across states and has a significant impact on final prices.
• Refining Costs: Petrol and diesel prices are influenced by refining costs, which encompass crude oil procurement, processing, transportation, and marketing expenses. The refining process incurs significant expenses, which can vary depending on factors such as crude oil quality and refinery operational efficiency.
• Demand: The price of petrol and diesel is related to demand. This means that an increase in demand typically results in higher prices.